Loans For Medical Shops


Medical shop loans are essential for pharmacists and healthcare entrepreneurs to enhance infrastructure and services. They cover various needs like equipment, medicine stock, renovations, technology upgrades, and working capital for smooth operations and inventory management, crucial for growth and success.

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Loans For Medical Shops Interest Rates

Buddy Loan offers business loans for medical store & pharmacy business to expand operations for procuring medicines and essential medical equipment.

The interest rates for loans for medical shops can vary based on lender to lender:

Interest Rates 11.99% p.a. Onwards
Note- The interest rates mentioned are subject to change. Do visit the respective lender website for more information.
With versatile financing options like line of credit and term loans by different lenders, oncan choos for the loan options with their respective interest rates.

EMI Calculator For Medical Shops

An EMI Calculator for Medical Shops, is designed to assist pharmacists and healthcare entrepreneurs in estimating their Equated Monthly Instalments (EMIs) for financing their pharmacy businesses.

Using an EMI calculator is simple, by inputting few details such as:

  • Your loan amount.
  • The interest rate &
  • Loan Tenure

By using an EMI calculator, medical shop owners can estimate their loan payments to manage finances effectively and ensure business success.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

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Comparing Medical Shop Loan Providers

When opening or expanding a medical shop, planning and financial support are crucial, but comparing loan providers can be overwhelming due to the diverse options available.

The table below provides a list of all the lenders that will help you get a medical shop loan:

Bank & NBFC Interest Rate (p.a.)
State Bank of India (SBI) 11% onwards
ICICI Bank 10.5% onwards
HDFC Bank 10.50% onwards
Axis Bank 9% onwards
Kotak Mahindra Bank 9.25% onwards

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Note- The interest rates mentioned are subject to change. Do visit the website for more information.

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Steps to Apply for a Business Loan

You can avail a business loan as per your need for dairy farm. Buddy Loan provides you with a pool of verified lenders, providing business loans of upto 50 lakhs.

Check the steps below and apply for a loan now!

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the business loan application page. Enter your mobile number and OTP.
  • Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.
  • Step 4: Choose if you have a Business Proof (Yes/ No)
    • If ‘Yes’ (If you have a business proof), enter your business and personal details.
      Or
    • If ‘No’ (If you do not have a business proof), choose the profession type and enter your personal details.
  • Step 5: Provide income details and Click the ‘Submit’ button.

Eligibility Criteria For Medical Shop Loan

Securing financing for a medical shop is crucial for pharmacists and healthcare entrepreneurs aiming to establish or expand their businesses. Here are some basic requirements required to be eligible for medical shop loan:

Basic Requirements:

  • Indian citizen with a valid ID proof and address proof.
  • Minimum age requirement (usually 18 years or above).
  • Clean credit history (no significant defaults or outstanding debts).
  • Valid business licence for operating a medical shop.
  • Registered Pharmacist Certificate/Diploma: Proof of your qualification or collaboration with a registered pharmacist.

Documents Required Loans For Medical Shops

Securing a loan for your medical shop requires fulfilling specific eligibility criteria and submitting essential documents. To streamline your application process, here's a comprehensive guide:

Personal Documents:

  • Identity Proof: Aadhaar Card, PAN Card, Voter ID, Passport (any one)
  • Address Proof: Electricity bill, phone bill, ration card, bank statement (anyone)
  • Age Proof: Aadhaar Card, PAN Card, Birth Certificate (anyone)
  • Passport-size photographs

Business Documents:

  • Valid Business Licence: Proof of registration/licence to operate a medical shop.
  • Business Address Proof: Electricity bill, phone bill, rental agreement for the shop premises.
  • Shop Ownership Documents: Sale deed, title deed, land tax receipts (if owned) or ownership proof of lessor (if rented).
  • Partnership Deed/Memorandum of Association: Required if the shop is a partnership or company.
  • GST Registration Documents: GST registration certificate and return filings.
  • Pharmacy Act Compliance Documents: Certificate of registration with State Pharmacy Council.
  • Registered Pharmacist Certificate/Diploma: Proof of your qualification or collaboration with a registered pharmacist.

Financial Documents:

  • Bank Statements: Past 6-12 months of business bank statements.
  • Income Tax Returns: Personal and business income tax returns for the past few years.
  • Balance Sheet and Profit & Loss Statements: Audited financial statements if applicable, or estimated income and expenses for new shops.
  • Proof of Turnover: Evidence of recent sales and revenue generation.

Types of Loans for Medical Shops

When seeking financial support for your medical shop, understand the different types of loans. Here's a breakdown of some commonly offered medical shop loans:

1. Term Loans:

  • Typical Use: Provide a lump sum for various purposes like shop setup, purchase of equipment and inventory, expansion, or renovation.
  • Repayment: Fixed monthly instalments over a set period (typically 1-5 years).
  • Interest Rates: Vary depending on lender, loan amount, creditworthiness, and scheme. Government-backed schemes may offer subsidised rates.
  • Example: Term loan from a commercial bank or government scheme like MUDRA.

2. Working Capital Loans:

  • Typical Use: Meet ongoing operational expenses like purchasing inventory, paying salaries, or managing daily cash flow.
  • Repayment: Flexible repayment options, often linked to the business cycle and inventory turnover.
  • Interest Rates: Typically higher than term loans due to short-term nature.
  • Example: Overdraft facilities, cash credit loans from banks or NBFCs.

3. Equipment Finance:

  • Typical Use: Specifically designed for purchasing medical equipment like refrigerators, diagnostic tools, or pharmacy software.
  • Repayment: Structured based on equipment life and depreciation schedule.
  • Interest Rates: May be competitive due to the secured nature of loan (equipment acts as collateral).
  • Example: Dedicated equipment finance from NBFCs or specific vendors.

4. Line of Credit:

  • Typical Use: Offers flexible access to credit up to a specific limit, useful for managing fluctuating inventory needs or seasonal demands. Repayment: Pay only interest on used amount, with principal repayment optional or required at later stage. Interest Rates: May be higher than term loans but lower than working capital loans depending on utilisation. Example: Lines of credit from banks or NBFCs.

5. Government Schemes:

  • Typical Use: Offers flexible access to credit up to a specific limit, useful for managing fluctuating inventory needs or seasonal demands. Repayment: Pay only interest on used amount, with principal repayment optional or required at later stage. Interest Rates: May be higher than term loans but lower than working capital loans depending on utilisation. Example: Lines of credit from banks or NBFCs.

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Tips For a Successful Medical Shop Loan Application

Acquiring a loan for your medical shop can be difficult. However, with some help, navigating the application process can be easier. Here are some key tips to boost your chances of securing a medical shop loan:

  • Solid Business Plan: Craft a detailed plan outlining your medical shop's objectives, market analysis, and financial projections to demonstrate its viability and increase loan approval chances.
  • Maintain Good Credit: Keep a clean credit history by paying bills on time and resolving any discrepancies to enhance your creditworthiness and improve loan eligibility.
  • Organise Financial Documents: Gather essential financial records like bank statements, tax returns, and profit/loss statements to showcase your shop's financial health and repayment capability.
  • Evaluate Collateral: Assess available assets for collateral to meet loan requirements, understanding their value and potential impact on securing favourable terms.
  • Choose Wisely: Research and compare lenders to find the one offering suitable loan products and favourable terms, building a strong relationship for future growth opportunities.

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Frequently Asked Questions

Medical shop loan interest rates vary significantly (8-20%+), depending on lender, loan type, amount, creditworthiness, and government schemes offering subsidies. Research specific options for the most accurate estimate.

Maximum loan amounts for medical shops vary greatly (thousands to lakhs) based on type, lender, creditworthiness, and project.

Medical loan repayment spans months to years (varying with type, lender, amount, and your finances), so research options for tailored estimates and choose a comfortable term.

Medical loan interest rates depend on loan type, lender, amount, your credit, collateral, and government subsidies.

Yes, medical loans often come with associated fees like processing fees, documentation charges, prepayment penalties, and late payment fees.

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